Today on a Video Blog by ThinkBigWorkSmall, it was reported that on March 31st the Fed will temporarily quit the buying of mortgage backed securities, which has been credited for keeping our housing market a float. There are a solid number of economists that believe this action will cause the mortgage rates to start going up this Spring. FHA and the rest of HUD (Housing and Urban Developement) believe that we are on the edge of making it through this housing slump, and it seems they may believe this isn’t the best time for this. “FHA commissioner David Stevens thinks a rate increase of .25% – .75% is a sign of a healthy housing market”, said Frank of ThinkBigWorkSmall. If rates go up too fast, or they reach over say 6%, we can all expect the Fed get back into the buying of mortgage back securities.
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Texas Recovery Fund Notice
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT HTTP://WWW.SML.TEXAS.GOV.
Brad Lynch, RMLO, (NMLS #206799) is a representative of Mason McDuffie Mortgage Corporation (NMLS #1141). Mason McDuffie Mortgage Corporation is a registered trade name of Mason McDuffie Mortgage Corporation. Equal Housing Opportunity.
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